First-quarter natural catastrophe insured losses fell to their lowest level since 2020 while holding slightly above 21st-century averages, according to broker Aon.

Insurers paid out about $US20 billion ($27.97 billion) worldwide – about 6% higher than the century average – including covering five billion-dollar events.

The US accounted for about 79% of all insured losses, including those from winter storms Fern and Uri.

The costliest insurance event was Windstorm Kristin, which hit Portugal in January, resulting in the country’s worst recorded loss. More than 140,000 claims have been filed, with losses exceeding €900 million ($1.48 billion).

Disaster losses in the Asia-Pacific region were below average, with Victoria’s January bushfires and Cyclone Narelle the most notable events.

Overall economic costs totalled $US37 billion ($51.7 billion) – the lowest figure since 2015 and well down on last year’s first-quarter sum of $US113 billion ($157.89 billion).

The broker’s cat report also flags a “very low” global protection gap of 46%, driven by a high concentration of losses in heavily insured US and European markets.